北汽蓝谷（600733）：公司信息更新报告：“享界+极狐”新车周期强势开启，业绩改善可期

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][14] Core Views - The company has initiated a strong new car cycle with the launch of models such as the "Extreme Fox" 2025 αS5, αT5, and the "Enjoy World" S9 extended range version, which is expected to drive performance improvement [3][5] - The company reported a revenue of 9.517 billion yuan for H1 2025, a year-on-year increase of 154.4%, with a narrowing net loss of 2.308 billion yuan [4][5] - The company is focusing on enhancing its high-end vehicle offerings and expanding its overseas business while aiming to improve profitability through cost reduction and new revenue streams [6] Financial Summary - For H1 2025, the company achieved a revenue of 9.517 billion yuan, with a year-on-year growth of 154.4% [4] - The net loss for H1 2025 was 2.308 billion yuan, which is a reduction of 263 million yuan compared to the previous year [4] - The company expects revenues for 2025, 2026, and 2027 to be 31.55 billion yuan, 62.86 billion yuan, and 94.90 billion yuan respectively, with corresponding year-on-year growth rates of 117.4%, 99.2%, and 51.0% [4][8] - The projected net profit for 2025 is a loss of 4.685 billion yuan, improving to a profit of 2.251 billion yuan by 2027 [8][10] Sales Performance - In Q2 2025, the company sold 39,400 vehicles, representing a quarter-on-quarter increase of 120.5% and a year-on-year increase of 42.3% [5] - The sales of the "Extreme Fox" models reached 29,000 units in Q2 2025, with the αS5 model alone selling 11,200 units, marking a significant increase of 792.8% quarter-on-quarter [5] - The "Enjoy World" S9 extended range version has gained traction, with 4,154 units delivered in June, a quarter-on-quarter increase of 248.2% [5] Strategic Initiatives - The company plans to expand its dealership network to 400 stores by 2025, aiming for comprehensive coverage in cities of all tiers [6] - The strategic focus includes leveraging scale effects while enhancing profitability and developing high-end models under the "Enjoy World" brand [6]